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MSI Ms International Plc

870.00
40.00 (4.82%)
Last Updated: 15:51:37
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ms International Plc LSE:MSI London Ordinary Share GB0005957005 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  40.00 4.82% 870.00 860.00 880.00 885.00 820.00 820.00 43,911 15:51:37
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Special Industry Machy, Nec 83.96M 4.12M 0.2521 34.31 141.21M

MS International PLC Half-year Report (4063W)

12/12/2023 7:00am

UK Regulatory


TIDMMSI

RNS Number : 4063W

MS International PLC

12 December 2023

 
 
 
 
 
 
 
 
 
 
 
 
 
    MS INTERNATIONAL plc 
 
 
 
 
 Unaudited Interim Condensed 
 
 Group Financial Statements 
 
     31st October, 2023 
 
 
 
 
 
 
 
        EXECUTIVE DIRECTORS 
           Michael Bell 
         Michael O'Connell 
           Nicholas Bell 
 
 
 
 
      NON-EXECUTIVE DIRECTORS 
         Roger Lane-Smith 
           David Hansell 
 
 
 
 
         COMPANY SECRETARY 
         Shelley Ashcroft 
 
 
 
 
         REGISTERED OFFICE 
          Balby Carr Bank 
             Doncaster 
              DN4 8DH 
              England 
 
 
 
 
   PRINCIPAL OPERATING DIVISIONS 
 
       'Defence and Security' 
             'Forgings' 
  'Petrol Station Superstructures' 
        'Corporate Branding' 
 
 
 
 
 
 Chairman's Statement 
 
   Introduction 
 
   In last June's annual Statement, I highlighted that we anticipated a significant upward step 
   change in the development of the business that would bring additional rewards and success. 
 
   I am now delighted to confirm we have been awarded the first production order contracts with 
   the US Navy to supply our 30mm naval gun. This significant development is complemented by 
   a further contract to maintain and support those systems. 
 
   I first reported on our efforts to break into the US Navy market in my Chairman's Statement 
   of 25th July 1988, when I stated, "The first unit built to suit the US Navy specific requirements 
   awaits ships trials in the United States". It has been a long haul, but vision; persistence; 
   determination and capability has resulted in success. 
 
   We have also delivered a significant contract relating to the first sales of our 'VSHORAD' 
   land-based mobile counter-drone weapon system. This was the contract where the customer's 
   delay in taking delivery - because of the war in Europe - negatively impacted last year's 
   results. 
 
   Results 
 
   For the half year ended 31st October 2023 profit before tax increased substantially to GBP7.72m 
   (2022 - GBP3.46m) on revenue of GBP57.02m (2022 - GBP42.03m). 
 
   Basic earnings per share were 35.9p (2022 - 17.4p). 
 
   The balance sheet is again much stronger with net cash at GBP50.05m (2022 - GBP23.88m), reflecting 
   the valuable upturn in activity in our 'Defence and Security' businesses. 
 
   Prospects 
 
   'Defence and security' 
 
   We believe that the strong start to 2023/4 looks set to continue, with deliveries gaining 
   pace against contracts to overseas customers, for both our naval gun and land-based counter-drone 
   defence systems. 
 
   Also, deliveries against our US Navy contracts will commence later in the new year. 
 
   Moreover, we are particularly pleased and encouraged by the level of military 'land market' 
   interest in 'VSHORAD' and the number of enquiries we are receiving from multiple sources as 
   to its availability and potential supply. Our existing production facilities are capable of 
   fulfilling our current firm orders. Additionally, the refurbishment and reorganisation of 
   parts of our, once under-utilised, production facilities in Norwich continues. This programme, 
   when complete, will better accommodate our prospective production requirements. 
 
   'Forgings' 
 
   The Forgings division remains a very efficient business and well positioned to continue serving 
   its broad international customer base. We remain committed to assisting our customers through 
   our multi continent contemporary fork-arm manufacturing facilities. 
 
   'Petrol Station Superstructures' 
 
   In September the UK Government announced a revised set of green policies including delaying 
   the ban on the sale of new petrol and diesel vehicles by five years to 2035. The news reinvigorated 
   many of our fuel dispensing UK customers, encouraging them to consider expanding and enhancing 
   the quality of their stations to ensure they remain competitive. In the meantime, we look 
   forward to an improvement in our eastern Europe market which is reviving after some hesitancy 
   caused by the region's continuing war. 
 
   'Corporate Branding' 
 
   We perceive that we remain well placed in our focused market of providing installation, repair 
   and maintenance within the specialist area of the branding for petrol stations. 
 
 
   Outlook 
 
   We believe that we have continued to enhance the performance of the Group's businesses and 
   with considerable confidence, we look forward to delivering further progress across the Group. 
 
   In the light of these positive developments and new commercial relationships, all matters 
   considered, the Board has declared an increased interim dividend per share of 3p (2022 - 2p) 
   payable on 19th January 2024 to those shareholders on the register at close of business on 
   22nd December 2023, with the ex-dividend date being 21st December 2023. 
 
 
 
   Michael Bell 11(th) December 2023 
 
 
 
 
 MS INTERNATIONAL plc 
 Michael Bell                                      Tel: 01302 322133 
 
 Shore Capital (Nominated Adviser and Broker) 
 Patrick Castle/Daniel Bush/Lucy Bowden           Tel: 020 7408 4090 
 
 
 
 Independent auditor's review report on Interim Financial Information to MS INTERNATIONAL 
  Plc 
 
 Conclusion 
 
 We have reviewed the condensed set of financial statements in the half-yearly financial report 
  MS INTERNATIONAL plc (the 'group') for the six months ended 31 October 2023 which comprises 
  of Interim condensed consolidated income statement, Interim condensed consolidated statement 
  of comprehensive income statement, Interim condensed consolidated statement of financial position, 
  Interim consolidated statement of changes in equity, Interim consolidated cash flow statement 
  and notes to the interim consolidated financial statements. 
 
 Based on our review, nothing has come to our attention that causes us to believe that the 
  condensed set of financial statements in the half-yearly financial report for the six months 
  ended 31 October 2023 is not prepared, in all material respects, in accordance with UK adopted 
  International Accounting Standard 34, 'Interim Financial Reporting'. 
 
 Basis for conclusion 
 
 We conducted our review in accordance with International Standard on Review Engagements (UK) 
  (ISRE (UK)) 2410, "Review of Interim Financial Information Performed by the Independent Auditor 
  of the Entity" (ISRE (UK) 2410). A review of interim financial information consists of making 
  inquiries, primarily of persons responsible for financial and accounting matters, and applying 
  analytical and other review procedures. A review is substantially less in scope than an audit 
  conducted in accordance with International Standards on Auditing (UK) and consequently does 
  not enable us to obtain assurance that we would become aware of all significant matters that 
  might be identified in an audit. Accordingly, we do not express an audit opinion. 
 
 As disclosed in note 2, the annual financial statements of the group are prepared in accordance 
  with UK adopted IFRSs. The condensed set of financial statements included in this half yearly 
  financial report has been prepared in accordance with UK adopted International Accounting 
  Standard 34, "Interim Financial Reporting". 
 
   We have read the other information contained in the half-yearly financial report which comprises 
   only the Chairman's Statement and considered whether it contains any apparent misstatements 
   or material inconsistencies with the information in the condensed set of financial statements. 
 
 
 Conclusions relating to going concern 
 
 Based on our review procedures, which are less extensive than those performed in an audit 
  as described in the Basis of conclusion section of this report, nothing has come to our attention 
  to suggest that management have inappropriately adopted the going concern basis of accounting 
  or that management have identified material uncertainties relating to going concern that are 
  not appropriately disclosed. 
 
 This conclusion is based on the review procedures performed in accordance with this ISRE UK, 
  however future events or conditions may cause the entity to cease to continue as a going concern. 
 
 In our evaluation of the directors' conclusions, we considered the inherent risks associated 
  with the group's business model including effects arising from macro-economic uncertainties 
  such as high interest rates and the cost of living crisis, we assessed and challenged the 
  reasonableness of estimates made by the directors and the related disclosures and analysed 
  how those risks might affect the group's financial resources or ability to continue operations 
  over the going concern period. 
 
 
 Directors' responsibilities 
 
 The half-yearly financial report is the responsibility of, and has been approved by, the directors. 
  In preparing the half-yearly financial report, the directors are responsible for assessing 
  the company's ability to continue as a going concern, disclosing, as applicable, matters related 
  to going concern and using the going concern basis of accounting unless the directors either 
  intend to liquidate the company or to cease operations, or have no realistic alternative but 
  to do so. 
 
 Auditor's Responsibilities for the review of the financial information 
 
 Our responsibility is to express a conclusion to the company on the condensed set of financial 
  statements in the half-yearly financial report based on our review. 
 
  Our conclusion, including our Conclusions relating to going concern, are based on procedures 
  that are less extensive than audit procedures, as described in the Basis for conclusion paragraph 
  of this report. 
 
 Use of our report 
 
 This report is made solely to the company, as a body, in accordance with ISRE (UK) 2410. Our 
  review work has been undertaken so that we might state to the company those matters we are 
  required to state to it in an independent review report and for no other purpose. To the fullest 
  extent permitted by law, we do not accept or assume responsibility to anyone other than the 
  company as a body, for our review work, for this report, or for the conclusion we have formed. 
 
 
 
 
 Grant Thornton UK LLP 
 Statutory Auditor, Chartered Accountants 
 Sheffield 
 11(th) December 2023 
 
Interim condensed consolidated income 
statement 
                                                    Half-year to 31st October, 2023  Half-year to 31st October, 2022 
                                                                          unaudited                        unaudited 
                                             Notes                          GBP'000                          GBP'000 
 
Revenue                                       5/6                            57,023                           42,025 
 
Cost of sales                                                              (38,943)                         (30,095) 
------------------------------------------- 
Gross profit                                                                 18,080                           11,930 
 
Distribution costs                                                          (2,303)                          (1,815) 
Administrative expenses                                                     (7,441)                          (6,522) 
Derivative losses                             15                              (731)                                - 
------------------------------------------- 
Operating profit                               6                              7,605                            3,593 
 
Finance income/(costs)                                                          204                             (70) 
Other finance costs - pension                                                  (90)                             (63) 
-------------------------------------------         -------------------------------  ------------------------------- 
Profit before taxation                                                        7,719                            3,460 
 
Tax expense                                    7                            (1,917)                            (689) 
-------------------------------------------         -------------------------------  ------------------------------- 
Profit for the period attributable to 
 equity holders of the parent                                                 5,802                            2,771 
-------------------------------------------         -------------------------------  ------------------------------- 
Basic earnings per share                       8                              35.9p                            17.4p 
Diluted earnings per share                     8                              34.3p                            16.8p 
-------------------------------------------         -------------------------------  ------------------------------- 
 
 
 
 
Interim condensed consolidated statement of comprehensive income 
                                                    Half-year to 31st October, 2023  Half-year to 31st October, 2022 
                                                                          unaudited                        unaudited 
                                             Notes                          GBP'000                          GBP'000 
 
Profit for the period attributable to 
 equity holders of the parent                                                 5,802                            2,771 
-------------------------------------------         -------------------------------  ------------------------------- 
Exchange differences on retranslation of 
 foreign operations                                                            (43)                               57 
-------------------------------------------         -------------------------------  ------------------------------- 
Net other comprehensive (loss)/income to be 
 reclassified to profit or loss in 
 subsequent 
 periods                                                                       (43)                               57 
-------------------------------------------         -------------------------------  ------------------------------- 
Remeasurement gains/(losses) on defined 
 benefit pension scheme                       13                                 54                              (8) 
Deferred taxation on remeasurement of 
 defined benefit pension scheme                                                (14)                                2 
Net other comprehensive income/(loss) not 
 being reclassified to profit or loss in 
 subsequent 
 periods                                                                         40                              (6) 
-------------------------------------------         -------------------------------  ------------------------------- 
Total comprehensive income for the period 
 attributable to equity holders of the 
 parent                                                                       5,799                            2,822 
-------------------------------------------         -------------------------------  ------------------------------- 
 
 
 
 Interim condensed consolidated statement of financial position 
 
                                           Notes            31st         31st October, 2022    30th April, 2023 
                                                        October, 
                                                            2023 
                                                       unaudited                  unaudited             audited 
 ASSETS                                                  GBP'000                    GBP'000             GBP'000 
 Non-current assets 
 Property, plant and equipment               10           25,415                     25,076              24,886 
 Right-of-use assets                         11              968                      1,328               1,162 
 Intangible assets                                         2,365                      2,896               2,396 
 Investment in joint venture                                   -                         35                   - 
 Deferred income tax asset                                 1,716                      1,373               1,677 
----------------------------------------           -------------      ---------------------   ----------------- 
                                                          30,464                     30,708              30,121 
----------------------------------------           -------------      ---------------------   ----------------- 
 
 Current assets 
 Inventories                                              16,940                     17,003              24,764 
 Trade and other receivables                              27,578                     11,095               9,031 
 Contract assets                                           3,374                      1,450                 144 
 Cash and cash equivalents                   12           42,627                     23,363              12,336 
 Restricted cash held in Escrow              12            7,426                        519               2,917 
----------------------------------------           -------------      ---------------------   ----------------- 
                                                          97,945                     53,430              49,192 
----------------------------------------           -------------      ---------------------   ----------------- 
 TOTAL ASSETS                                            128,409                     84,138              79,313 
----------------------------------------           -------------      ---------------------   ----------------- 
 
 EQUITY AND LIABILITIES 
 Equity 
 Share capital                                             1,784                      1,784               1,784 
 Capital redemption reserve                                  957                        957                 957 
 Other reserve                                             2,815                      2,815               2,815 
 Revaluation reserve                                       9,923                      9,923               9,923 
 Special reserve                                           1,629                      1,629               1,629 
 Currency translation reserve                              (363)                      (360)               (320) 
 Treasury shares                                         (3,703)                    (2,789)             (2,381) 
 Retained earnings                                        30,362                     26,242              26,668 
----------------------------------------           -------------      ---------------------   ----------------- 
 TOTAL EQUITY SHAREHOLDERS' FUNDS                         43,404                     40,201              41,075 
----------------------------------------           -------------      ---------------------   ----------------- 
 
 Non-current liabilities 
 Defined benefit pension liability           13            3,577                      4,341               4,216 
 Deferred income tax liability                             2,941                      2,547               2,943 
 Contract liabilities                                     19,148                          -                   - 
 Derivative financial instruments            15              218                          -                   - 
 Lease liabilities                                           630                      1,003                 829 
----------------------------------------           -------------      ---------------------   ----------------- 
                                                          26,514                      7,891               7,988 
----------------------------------------           -------------      ---------------------   ----------------- 
 
 Current liabilities 
 Trade and other payables                                 19,291                     15,070              15,286 
 Contract liabilities                                     38,303                     20,610              14,585 
 Derivative financial instruments            15              513                          -                   - 
 Lease liabilities                                           384                        366                 379 
----------------------------------------           -------------      ---------------------   ----------------- 
                                                          58,491                     36,046              30,250 
----------------------------------------           -------------      ---------------------   ----------------- 
 TOTAL EQUITY AND LIABILITIES                            128,409                     84,138              79,313 
----------------------------------------           -------------      ---------------------   ----------------- 
 
 The interim condensed consolidated financial statements of the Group for the six months ended 
  31st October, 2023 were authorised for issue in accordance with a resolution of the directors 
  on 11th December, 2023 and signed on their behalf by: 
 
 
 Michael O'Connell 
 Finance Director 
 
 
 
Interim consolidated statement of changes in equity 
 
                   Share     Capital    Other   Revaluation  Special     Currency  Treasury  Retained       Total 
                 capital  redemption  reserve       reserve  reserve  translation    shares  earnings  unaudited/ 
                             reserve                                      reserve                         audited 
                 GBP'000     GBP'000  GBP'000       GBP'000  GBP'000      GBP'000   GBP'000   GBP'000     GBP'000 
 
At 30th April, 
 2022              1,784         957    2,815         9,923    1,629        (417)   (2,789)    24,673      38,575 
Profit for the 
 period                -           -        -             -        -            -         -     2,771       2,771 
Other 
 comprehensive 
 income/(loss)         -           -        -             -        -           57         -       (6)          51 
Dividend paid          -           -        -             -        -            -         -   (1,196)     (1,196) 
At 31st 
 October, 2022     1,784         957    2,815         9,923    1,629        (360)   (2,789)    26,242      40,201 
---------------  -------  ----------  -------  ------------  -------  -----------  --------  --------  ---------- 
Profit for the 
 period                -           -        -             -        -            -         -     1,344       1,344 
Other 
 comprehensive 
 income/(loss)         -           -        -             -        -           40         -     (272)       (232) 
Share option 
 expense               -           -        -             -        -            -         -        86          86 
Exercise of 
 share options         -           -        -             -        -            -       408     (408)           - 
Dividend paid          -           -        -             -        -            -         -     (324)       (324) 
At 30th April, 
 2023              1,784         957    2,815         9,923    1,629        (320)   (2,381)    26,668      41,075 
---------------  -------  ----------  -------  ------------  -------  -----------  --------  --------  ---------- 
Profit for the 
 period                -           -        -             -        -            -         -     5,802       5,802 
Other 
 comprehensive 
 (loss)/income         -           -        -             -        -         (43)         -        40         (3) 
Dividend paid 
 (note 9)              -           -        -             -        -            -         -   (2,123)     (2,123) 
Share option 
 expense               -           -        -             -        -            -         -        19          19 
Purchase of own 
 shares                -           -        -             -        -            -   (1,676)         -     (1,676) 
Exercise of 
 share options         -           -        -             -        -            -       354      (44)         310 
At 31st 
 October, 2023     1,784         957    2,815         9,923    1,629        (363)   (3,703)    30,362      43,404 
                 -------  ----------  -------  ------------  -------  -----------  --------  --------  ---------- 
 
 
 
 Interim consolidated cash flow statement 
                                                 Half-year to 31st October, 2023   Half-year to 31st October, 2022 
                                                                       unaudited                         unaudited 
                                                                         GBP'000                           GBP'000 
 
 Profit before taxation                                                    7,719                             3,460 
 Adjustments to reconcile profit before 
 taxation to cash generated from operating 
 activates: 
 Depreciation charge of owned and right-of-use 
  assets                                                                   1,024                               968 
 Amortisation charge                                                          31                               119 
 Profit on disposal of property, plant and 
  equipment                                                                (148)                              (37) 
 Net finance (income)/costs                                                (114)                               133 
 Share option expense                                                         19                                 - 
 Foreign exchange gains/(losses)                                             202                             (111) 
 Decrease/(increase) in inventories                                        7,853                             (491) 
 (Increase)/decrease in receivables                                     (21,598)                             2,219 
 Increase/(decrease) in payables                                           4,257                             (606) 
 Increase in derivatives                                                     731                                 - 
 Increase in contract liabilities                                         42,255                             1,543 
 Pension fund deficit reduction payments                                   (675)                             (450) 
----------------------------------------------  --------------------------------  -------------------------------- 
 Cash generated from operating activities                                 41,556                             6,747 
 Net interest received/(paid)                                                224                              (43) 
 Taxation paid                                                           (2,279)                              (78) 
----------------------------------------------  --------------------------------  -------------------------------- 
 Net cash inflow from operating activities                                39,501                             6,626 
----------------------------------------------  --------------------------------  -------------------------------- 
 
 Investing activities 
 Purchase of property, plant and equipment                               (1,168)                             (879) 
 Proceeds on disposal of property, plant and 
  equipment                                                                  149                                91 
 (Increase)/decrease in restricted cash held 
  in Escrow maturing in more than 90 days                                (4,509)                               639 
----------------------------------------------  --------------------------------  -------------------------------- 
 Net cash outflow from investing activities                              (5,528)                             (149) 
----------------------------------------------  --------------------------------  -------------------------------- 
 
 Financing activities 
 Buy back of own shares                                                  (1,676)                                 - 
 Proceeds from exercise of employee share                                    310                                 - 
 options 
 Lease payments                                                            (206)                             (207) 
 Dividend paid                                                           (2,123)                           (1,196) 
----------------------------------------------  --------------------------------  -------------------------------- 
 Net cash outflow from financing activities                              (3,695)                           (1,403) 
----------------------------------------------  --------------------------------  -------------------------------- 
 Increase in cash and cash equivalents                                    30,278                             5,074 
 Opening cash and cash equivalents                                        12,336                            18,092 
 Exchange differences on cash and cash 
  equivalents                                                                 13                               197 
----------------------------------------------  --------------------------------  -------------------------------- 
 Closing cash and cash equivalents                                        42,627                            23,363 
----------------------------------------------  --------------------------------  -------------------------------- 
 
 
 
 Notes to the interim consolidated financial statements 
 
 1. Corporate information 
 
 MS INTERNATIONAL plc is a public limited company incorporated and domiciled in England and 
  Wales. The Company's ordinary shares are traded on the Alternative Investment Market (AIM) 
  market of the London Stock Exchange. The principal activities of the Company and its subsidiaries 
  ("the Group") are the design, manufacture, construction, and servicing of a range of engineering 
  products and structures. These activities are grouped into the following divisions: 
 
             'Defence and Security' - design, manufacture, and service of defence equipment. 
 
             'Forging' - manufacture of fork-arms and open die forgings. 
 
             'Petrol Station Superstructures' - design, manufacture, construction, and maintenance of petrol 
              station superstructures. 
 
             'Corporate Branding' - design, manufacture, installation, and service of corporate brandings, 
              including media facades, way- 
              finding signage, public illumination, creative lighting solutions, and the complete appearance 
              of petrol station superstructures 
              and forecourts. 
 
 2. Basis of preparation and accounting policies 
 
 The consolidated condensed interim financial statements included in this half-yearly financial 
  report have been prepared in accordance with International Accounting Standard 34, "Interim 
  Financial Reporting" in conformity with the requirements of the Companies Act 2006. They do 
  not include all the information and disclosures required in annual financial statements in 
  accordance with UK adopted International Accounting Standards, and should therefore be read 
  in conjunction with the Group's Annual Report for the year ended 30th April, 2023 and any 
  public announcements made by MS INTERNATIONAL plc during the interim reporting period. The 
  financial statements for the year ended 30th April, 2023 have been filed with the Registrar 
  of Companies. The auditor's report on these financial statements was unmodified and did not 
  contain statements under sections 498 (2) or (3) of the Companies Act 2006. 
 
 The interim financial information has been reviewed but not audited by the Group's auditor, 
  Grant Thornton UK LLP. The interim financial information does not constitute full financial 
  information within the meaning of section 434 of the Companies Act 2006. The auditor's report 
  is included on page 4. 
 
 The accounting policies are consistent with those applied in the financial statements of the 
  Annual Report for year ended 30th April, 2023, with the exception of a new policy for Derivative 
  Financial Instruments, as detailed below. The Group has not early adopted any standard, interpretation, 
  or amendment that has been issued but is not yet effective. 
 
  Derivative financial instruments are initially recognised at fair value on the date the derivative 
  contract is entered into and are subsequently remeasured at their fair value including remeasurement 
  at the reporting date. The Group has decided not to apply hedge accounting with respect to 
  forward exchange contracts and as a result changes in the fair values are recognised immediately 
  within the Consolidated income statement within the Derivative gains or losses line. 
 
 The assets and liabilities of the overseas subsidiaries are translated into the presentational 
  currency of the Group at the rate of exchange ruling at the statement of financial position 
  date and their income statements are translated at the weighted average exchange rates for 
  the year. The exchange differences arising on the translation are taken directly to a separate 
  component of equity. 
 
 3. Principal risks and uncertainties 
 
 The principal risks and uncertainties facing the Group for the remaining six months of the 
  financial year are discussed below. Further details of the Group's risks and uncertainties 
  can be found on page 8 of the Annual Report for the year ended 30th April, 2023, which is 
  available from MS INTERNATIONAL plc's website: www.msiplc.com 
 
 One of the Group's principal risks and uncertainties continues to be the impact of inflationary 
  pressures upon both trading and profitability. Rising raw material and energy prices have 
  increased the cost base of all divisions. Where possible cost increases are passed to the 
  customer, however, in doing so there is uncertainty with regards to any potential impact on 
  the level of customer demand. 
 
 During the interim period, the risk that foreign exchange fluctuations will impact the Group's 
  performance has increased significantly. A number of international contracts in the 'Defence 
  and Security' division are denominated in USD, which created a large unhedged currency exposure 
  within the Group. As a result, management have taken steps to mitigate this risk by taking 
  out various forward contracts (note 15). 
 
 4. Going concern 
 
 The condensed interim financial statements included in this report have been prepared on a 
  going concern basis. Forecasts have been made up to 31(st) December, 2024, which the Directors 
  believe to be a reasonable expectation based on the information available at the time of signing 
  these accounts. The forecasts have been assessed for the impact of potential sensitivities, 
  including a 10% fall in the forecasted Group revenue and a 10% increase in materials prices. 
  In all scenarios, the Group has sufficient headroom to meet its liabilities as they fall due. 
 
  In addition, management have carried out reverse stress tests to 31st December, 2024 under 
  various scenarios, all of which are considered implausible by management. In all tested scenarios, 
  the Group would continue as a going concern for at least 12 months from the date of signing. 
 
  As a result, in making the going concern assessment the Directors believe there to be no material 
  uncertainties that could cast significant doubt on the Group's ability to continue operating 
  as a going concern. The Group has sufficient financial resources with a healthy orderbook 
  to continue operating for the foreseeable future, being at least to 31(st) December, 2024. 
  As a result, the Directors continue to adopt the going concern basis of accounting in preparation 
  of this report. 
 
  5. Revenue 
 
  The Group's revenue disaggregated by pattern of revenue recognition is as follows: 
                                                     Half-year     Half-year to 
                                              to 31st October,    31st October, 
                                                          2023             2022 
                                                     unaudited        unaudited 
                                                       GBP'000          GBP'000 
 
   Revenue recognised at a point in time                55,780           40,940 
   Revenue recognised over time                          1,243            1,085 
  ----------------------------------------  ------------------  --------------- 
   Total revenue                                        57,023           42,025 
  ----------------------------------------  ------------------  --------------- 
 
 
 6. Segment 
 information 
 
The following table presents segmental revenue and operating profit/(loss) as well as segmental 
 assets and liabilities of the Group's divisions for the half-year periods ended 31st October, 
 2023 and 31st October, 2022. The reporting format is determined by the differences in manufacture 
 and services provided by the divisional segments within the Group. 
 
 
                       'Defence and        'Forgings'      'Petrol Station       'Corporate            Total 
                        Security'                          Superstructures'      Branding' 
                       2023       2022     2023     2022      2023      2022     2023     2022       2023       2022 
                                                                                                unaudited  unaudited 
                    GBP'000    GBP'000  GBP'000  GBP'000   GBP'000   GBP'000  GBP'000  GBP'000    GBP'000    GBP'000 
Segmental revenue 
Segment revenue      33,508     13,956    9,454   12,516     8,555     9,057    5,584    6,835     57,101     42,364 
Intercompany 
 revenue from 
 other segments           -          -        -        -       (8)     (275)     (70)     (64)       (78)      (339) 
------------------  -------  ---------  -------  -------  --------  --------  -------  -------  ---------  --------- 
External revenue     33,508     13,956    9,454   12,516     8,547     8,782    5,514    6,771     57,023     42,025 
------------------  -------  ---------  -------  -------  --------  --------  -------  -------  ---------  --------- 
 
Segment result 
Operating 
 profit/(loss)        5,741      (188)      681    2,759     1,285     1,339    (102)    (317)      7,605      3,593 
Net finance 
 income/(expense)                                                                                     114      (133) 
------------------                                                                              ---------  --------- 
Profit before 
 taxation                                                                                           7,719      3,460 
Tax expense                                                                                       (1,917)      (689) 
------------------                                                                              ---------  --------- 
Profit for the 
 period                                                                                             5,802      2,771 
------------------                                                                              ---------  --------- 
 
Segmental assets 
Assets 
 attributable to 
 segments            79,724     33,088    7,357    8,186    12,586    11,226    5,261    7,941    104,928     60,441 
Unallocated 
 assets*                                                                                           23,481     23,697 
------------------                                                                              ---------  --------- 
Total assets                                                                                      128,409     84,138 
------------------                                                                              ---------  --------- 
 
Segmental 
liabilities 
Liabilities 
 attributable to 
 segments            68,203     24,913    2,212    2,762     4,683     4,313    2,167    3,510     77,265     35,498 
Unallocated 
 liabilities*                                                                                       7,740      8,439 
Total liabilities                                                                                  85,005     43,937 
 
Other segmental 
information 
Capital 
 expenditure            780        452      194      116       131       109       63      202      1,168        879 
Depreciation            210        141      317      319       370       368      127      140      1,024        968 
Amortisation              9          9        -        -        22        22        -       88         31        119 
------------------  -------  ---------  -------  -------  --------  --------  -------  -------  ---------  --------- 
 
 
* Unallocated assets include certain fixed assets (including all UK properties), current assets, 
 and deferred income tax assets. Unallocated liabilities include the defined benefit pension 
 scheme liability, the deferred income tax liability, and certain current liabilities. 
 

Assets and liabilities attributable to segments comprise the assets and liabilities of each segment adjusted to reflect the elimination of the cost of investment in subsidiaries and the provision of financing loans provided by MS INTERNATIONAL plc.

Revenue between segments is determined on an arm's length basis. Segment results, assets, and liabilities include items directly attributable to the segment as well as those that can be allocated on a reasonable basis.

 
 
  7. Tax expense 
 
The major components of the tax expense in the consolidated income statement are: 
                                                                                        Half-year to 
                                                                                       31st October,         Half-year to 31st 
                                                                                                2023             October, 2022 
                                                                                           unaudited                 unaudited 
                                                                                             GBP'000                   GBP'000 
 
Current tax expense                                                                            1,979                       660 
Deferred tax (income)/expense                                                                   (62)                        29 
------------------------------------------------------------------------------       ---------------   ----------------------- 
Total tax expense reported in the Interim condensed consolidated income 
 statement                                                                                     1,917                       689 
------------------------------------------------------------------------------       ---------------   ----------------------- 
 
Tax relating to items charged/(credited) to other comprehensive income: 
                                                             Half-year   Half-year 
                                                               to 31st     to 31st 
                                                              October,    October, 
                                                                  2023        2022 
                                                             unaudited   unaudited 
                                                               GBP'000     GBP'000 
 
  Deferred tax on measurement of defined benefit pension 
   scheme                                                           14         (2) 
 ---------------------------------------------------------  ----------  ---------- 
  Deferred tax in the Interim condensed consolidated 
   statement of comprehensive income                                14         (2) 
 ---------------------------------------------------------  ----------  ---------- 
 
 
8. Earnings per share 
 
The calculation of basic earnings per share of 35.9p (2022 - 17.4p) is based on the profit 
 for the period attributable to equity holders of the parent of GBP5,802,000 (2022 - GBP2,771,000) 
 and on a weighted average number of ordinary shares in issue of 16,141,981 (2022 - 15,949,691). 
 At 31st October, 2023 there were 1,072,693 (2022 - 1,055,000) potentially dilutive shares 
 on option with a weighted average effect of 789,551 (2022 - 587,217) giving a diluted earnings 
 per share of 34.3p (2022 - 16.8p). 
 
                                                                           Half-year 
                                                              Half-year       to 31st 
                                                       to 31st October,      October, 
                                                                   2023          2022 
                                                              unaudited     unaudited 
 
  Weighted average number of shares in issue                 17,841,073    17,841,073 
  Less weighted average number of shared held in 
   the 
   ESOT                                                       (231,387)     (245,048) 
  Less weighted average number of shares purchased 
   by the Company                                           (1,467,705)   (1,646,334) 
 --------------------------------------------------  ------------------  ------------ 
  Weighted average number of shares to be used in 
   basic 
   EPS calculation                                           16,141,981    15,949,691 
  Weighted average number of the 1,072,693 (2022 - 
   1,055,000) potentially dilutive shares                       789,551       587,217 
 --------------------------------------------------  ------------------  ------------ 
  Weighted average diluted shares                            16,931,532    16,536,908 
 --------------------------------------------------  ------------------  ------------ 
 
  Profit for the period attributable to equity 
   holders 
   to the parent in GBP                                       5,802,000     2,771,000 
  Basic earnings per share                                        35.9p         17.4p 
  Diluted earnings per share                                      34.3p         16.8p 
9. Dividends paid and proposed 
                                                                                        Half-year to 
                                                                                       31st October,         Half-year to 31st 
                                                                                                2022             October, 2021 
                                                                                           unaudited                 unaudited 
                                                                                             GBP'000                   GBP'000 
Declared and paid during the six month period 
Final dividend on ordinary shares for 2023 - 15p (2022 - 7.5p)                                 2,123                     1,196 
------------------------------------------------------------------------------       ---------------   ----------------------- 
Proposed for approval 
Interim dividend on ordinary shares for 2024 - 3p (2023 - 2p)                                    487                       319 
------------------------------------------------------------------------------       ---------------   ----------------------- 
 
The interim dividend will be payable on 19th January, 2024 to those shareholders on the register 
 at the close of business on 22nd December, 2023, with the ex-dividend date being 21(st) December, 
 2023. 
 
 
 
 10. Property, plant and equipment 
 
 At 31st October, 2023 
                                          Freehold   Plant and 
                                          property   equipment     Total 
                                           GBP'000     GBP'000   GBP'000 
 Cost or valuation 
 At 30th April, 2023                        21,930      17,298    39,228 
 Additions                                     517         651     1,168 
 Disposals                                       -       (316)     (316) 
 Exchange differences                          194          63       257 
---------------------------------------  ---------  ----------  -------- 
 At 31st October, 2023                      22,641      17,696    40,337 
---------------------------------------  ---------  ----------  -------- 
 
 Accumulated depreciation 
 At 30th April, 2023                           395      13,947    14,342 
 Depreciation charge for the period            202         636       838 
 Disposals                                       -       (315)     (315) 
 Exchange differences                            7          50        57 
---------------------------------------  ---------  ----------  -------- 
 At 31st October, 2023                         604      14,318    14,922 
---------------------------------------  ---------  ----------  -------- 
 Net book value at 31st October, 2023       22,037       3,378    25,415 
---------------------------------------  ---------  ----------  -------- 
 
 Analysis of cost or valuation 
 At professional valuation                  21,681           -    21,681 
 At cost                                       960      17,696    18,656 
---------------------------------------  ---------  ----------  -------- 
 At 31st October, 2023                      22,641      17,696    40,337 
---------------------------------------  ---------  ----------  -------- 
 
 
 
   At 31st October, 2022 
                                          Freehold   Plant and 
                                          property   equipment     Total 
                                           GBP'000     GBP'000   GBP'000 
 Cost or valuation 
 At 30th April, 2022                        21,368      16,106    37,474 
 Additions                                     185         694       879 
 Disposals                                       -       (182)     (182) 
 Exchange differences                          419         147       566 
 At 31st October, 2022                      21,972      16,765    38,737 
---------------------------------------  ---------  ----------  -------- 
 
 Accumulated depreciation 
 At 30th April, 2022                             -      12,937    12,937 
 Depreciation charge for the period            198         582       780 
 Disposals                                       -       (128)     (128) 
 Exchange differences                            2          70        72 
---------------------------------------  ---------  ----------  -------- 
 At 31st October, 2022                         200      13,461    13,661 
                                         ---------  ----------  -------- 
 Net book value at 31st October, 2022       21,772       3,304    25,076 
---------------------------------------  ---------  ----------  -------- 
 
 Analysis of cost or valuation 
 At professional valuation                  21,787           -    21,787 
 At cost                                       185      16,765    16,950 
---------------------------------------  ---------  ----------  -------- 
 At 31st October, 2022                      21,972      16,765    38,737 
---------------------------------------  ---------  ----------  -------- 
 
 
 
 At 30th April, 2023 
                                                                   Freehold         Plant and 
                                                                   property         equipment         Total 
                                                                    GBP'000           GBP'000       GBP'000 
 Cost or valuation 
 At 30th April, 2022                                                 21,368            16,106        37,474 
 Additions                                                              421             1,550         1,971 
 Disposals                                                                -             (488)         (488) 
 Exchange differences                                                   141               130           271 
----------------------------------------------------------  ---------------  ----------------  ------------ 
 At 30th April, 2023                                                 21,930            17,298        39,228 
----------------------------------------------------------  ---------------  ----------------  ------------ 
 
 Accumulated depreciation 
 At 30th April, 2022                                                      -            12,937        12,937 
 Depreciation charge for the year                                       400             1,268         1,668 
 Disposals                                                                -             (358)         (358) 
 Exchange differences                                                   (5)               100            95 
----------------------------------------------------------  ---------------  ----------------  ------------ 
 At 30th April, 2023                                                    395            13,947        14,342 
----------------------------------------------------------  ---------------  ----------------  ------------ 
 Net book value at 30th April, 2023                                  21,535             3,351        24,886 
----------------------------------------------------------  ---------------  ----------------  ------------ 
 
 Analysis of cost or valuation 
 At professional valuation                                           21,930                 -        21,930 
 At cost                                                                  -            17,298        17,298 
----------------------------------------------------------  ---------------  ----------------  ------------ 
 At 30th April, 2023                                                 21,930            17,298        39,228 
----------------------------------------------------------  ---------------  ----------------  ------------ 
 
 At 30th April, 2022 the Group's land and buildings, which consist of manufacturing and office 
  facilities in the USA, Poland, and UK were valued by Real Estate & Appraisal Services Inc 
  (USA), KonSolid-Nieruchomosci (Poland) and Dove Haigh Phillips (UK). Management determined 
  that these constitute one class of asset under IFRS 13 (designated as level 3 fair value assets), 
  based on the nature, characteristics and risks of the properties. 
 
 The properties in the UK were valued on the basis of an existing use value in accordance with 
  the Appraisal and Valuation Standards (5th Edition) published by the Royal Institution of 
  Chartered Surveyors. The Polish property was valued based on the income approach, converting 
  anticipated future benefits in the form of rental income into present value. The US property 
  was valued on an income and market value basis. For all properties, there is no difference 
  between current use and highest and best use. 
 
 
 11. Right-of-use assets 
 
 At 31st October, 2023                                                          Plant and 
                                                            Property            equipment              Total 
                                                             GBP'000              GBP'000            GBP'000 
 
 Cost or valuation 
 At 30th April, 2023                                           2,312                    -              2,312 
 Exchange differences                                           (12)                    -               (12) 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 At 31st October, 2023                                         2,300                    -              2,300 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 
 Accumulated depreciation 
 At 30th April, 2023                                           1,150                    -              1,150 
 Depreciation charge for the period                              186                    -                186 
 Exchange differences                                            (4)                    -                (4) 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 At 31st October, 2023                                         1,332                    -              1,332 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 Net book value at 31st October, 2023                            968                    -                968 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 
 
 At 31st October, 2022                                                          Plant and 
                                                            Property            equipment              Total 
                                                             GBP'000              GBP'000            GBP'000 
 
 Cost or valuation 
 At 30th April, 2022                                           2,218                   10              2,228 
 Exchange differences                                             56                    -                 56 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 At 31st October, 2022                                         2,274                   10              2,284 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 
 Accumulated depreciation 
 At 30th April, 2022                                             741                    8                749 
 Depreciation charge for the period                              186                    2                188 
 Exchange differences                                             19                    -                 19 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 At 31st October, 2022                                           946                   10                956 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 Net book value at 31st October, 2022                          1,328                    -              1,328 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 
 At 30th April, 2023                                                            Plant and 
                                                            Property            equipment              Total 
                                                             GBP'000              GBP'000            GBP'000 
 
 Cost or valuation 
 At 30th April, 2022                                           2,218                   10              2,228 
 Disposals                                                         -                 (10)               (10) 
 Exchange differences                                             94                    -                 94 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 At 30th April, 2023                                           2,312                    -              2,312 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 
 
 Accumulated depreciation 
 At 30th April, 2022                                             741                    8                749 
 Depreciation charge for the year                                374                    2                376 
 Disposals                                                         -                 (10)               (10) 
 Exchange differences                                             35                    -                 35 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 At 30th April, 2023                                           1,150                    -              1,150 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 Net book value at 30th April, 2023                            1,162                    -              1,162 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 
 
 12. Cash and cash equivalents 
 
 For the purpose of the interim consolidated cash flow statement, cash and cash equivalents 
  are comprised of the following: 
 
                                                  31st October, 2023   31st October, 2022   30th April, 2023 
                                                           unaudited            unaudited            audited 
                                                             GBP'000              GBP'000            GBP'000 
 
 Cash and cash equivalents                                    42,627               23,363             12,336 
 Restricted cash held in Escrow - maturing in 
  more than 90 days                                            7,426                  519              2,917 
 Total cash                                                   50,053               23,882             15,253 
-----------------------------------------------  -------------------  -------------------  ----------------- 
 
 The restricted cash balance held in Escrow provides security to Lloyds Bank plc in respect 
  of certain guarantees, indemnities, and performance bonds given by the Group in the ordinary 
  course of business. 
 
 
 13. Pension liability 
 
      The Company operates an employee pension scheme called the MS INTERNATIONAL plc Retirement 
       and Death Benefits Scheme ("the Scheme"). IAS 19 requires disclosure of certain information 
       about the Scheme as follows: 
 
        *    Until 5th April, 1997, the Scheme provided defined 
             benefits and these liabilities remain in respect of 
             service prior to 6th April, 1997. From 6th April, 
             1997 until 31st May, 2007 the Scheme provided future 
             service benefits on a defined contribution basis. 
 
 
 
        *    The last formal valuation of the Scheme was performed 
             at 7th May, 2021 by a professionally qualified 
             actuary. 
 
 
 
        *    From 6th April, 2016 the Company directly pays the 
             expenses of the Scheme. The total pension scheme 
             expenses incurred by the Company during the period 
             were GBP221,000 (2022: GBP137,000). 
 
 
 
        *    Deficit reduction contributions paid into the Scheme 
             by the Company are GBP900,000 per annum. The deficit 
             reduction contributions are paid on a quarterly basis 
             with the first having been paid on or after 1st July, 
             2021 and the last being due for payment on or before 
             1st April, 2028. The total deficit reduction payments 
             made in the period were GBP675,000 (2022 - 
             GBP450,000). 
 
 
 
        *    From 1st June, 2007 the Company has operated a 
             defined contribution scheme for its UK employees 
             which is administered by a UK pension provider. 
             Member contributions are paid in line with this 
             Scheme's documentation over the accounting period and 
             the Company has no further obligations once the 
             contributions have been made. At 30th April, 2023 the 
             present value of the contracted future deficit 
             reduction contributions was GBP3,577,000 (2022 - 
             GBP4,341,000), which was greater than the net scheme 
             asset of GBP48,000 (2022 - GBP2,337,000 liability). 
             As the Company does not have an unconditional right 
             to the economic benefits arising from this surplus, 
             an additional liability of GBP3,625,000 (2022 - 
             GBP2,004,000) has been recognised in the financial 
             statements in accordance with IFRIC 14. 
 
 
 
        *    The pension scheme liability has reduced by 
             GBP639,000 from GBP4,216,000 at 30th April, 2023 to 
             GBP3,577,000 at 31st October, 2023. A total actuarial 
             gain of GBP54,000 (2022 - GBP8,000 loss) has been 
             recognised through other comprehensive income. It 
             comprises of a GBP671,000 remeasurement loss (2022 - 
             GBP3,493,000) compared to the interest income on the 
             plan assets, a GBP1,413,000 actuarial gain (2022 - 
             GBP4,346,000 gain) due to changes in financial 
             assumptions and a loss relating to IFRIC 14 of 
             GBP688,000 (2022 - GBP861,000). The interest cost on 
             the net defined benefit liability of GBP90,000 (2022 
             - GBP63,000) has been recognised through the income 
             statement. The Scheme's liabilities have been reduced 
             by pension fund deficit payments in the period of 
             GBP675,000 (2022 - GBP450,000). 
 14. Commitments and contingencies 
 
 The Company is contingently liable in respect of guarantees, indemnities and performance bonds 
  given in the ordinary course of business amounting to GBP7,416,000 at 31st October, 2023 (2022 
  - GBP1,566,000). 
 
 In the opinion of the Directors, no material loss will arise in connection with the above 
  matters. 
 
 The Group and certain of its subsidiary undertakings are parties to legal actions and claims 
  which have arisen in the normal course of business. The results of actions and claims cannot 
  be forecast with certainty, but the directors believe that they will be concluded without 
  any material effect on the net assets of the Group. 
 
  15. Derivative financial instruments 
 
  During the period, the Group has entered into a number of forward currency contracts in respect 
  of USD denominated cash inflows in the 'Defence and Security' division. 
 
  The Group has chosen not to adopt hedge accounting with respect to forward exchange contracts 
  and as a result the loss of GBP731,000 arising from the change in the fair value during the 
  period has been included within operating profit. 
                                                                         Change in 
                                US Dollar   Sterling         Average    Fair Value 
                                    $'000    GBP'000    forward rate       GBP'000 
 
   Current derivative 
    liability                      41,500     33,615          1.2346           513 
   Non-current derivative 
    liability                      57,500     46,680          1.2318           218 
  ---------------------------  ----------  ---------  --------------  ------------ 
   Total                           99,000     80,295          1.2330           731 
  ---------------------------  ----------  ---------  --------------  ------------ 
 
 
   16. Share-based payments 
 
   During the period, a total of 122,700 share options have been granted to executive directors, 
   non-executive directors, and employees under the MS INTERNATIONAL plc Company Share Option 
   Plan. These options are exercisable in three equal amounts at three, four and five years after 
   the date of grant and are not subject to any share price performance conditions. Of the options, 
   4,800 have been granted at an exercise price of GBP6.24 and the remaining 117,900 have been 
   granted at an exercise price of GBP7.20 per share. 
 
   Share options totalling 320,007 have been exercised during the period. This includes 100,000 
   options exercised under the MS INTERNATIONAL plc Long Term Incentive Plan at an exercise price 
   of GBP0 per share, and a further 220,007 options exercised under the MS INTERNATIONAL Plc 
   Company Share Option Scheme at an exercise price of GBP1.41 per share. 
 
   170,007 of the options were satisfied by transferring shares from treasury and the remaining 
   150,000 options were satisfied by transferring shares from The Employee Share Ownership Trust 
   ("ESOT"). 
 
   The following tables illustrate the number and weighted average exercise prices (WAEP) of 
   share options during the year: 
 
                        Long-term          Company Share             Total 
                        Incentive           Option Plan 
                          Plan 
                     Number     WAEP     Number      WAEP      Number      WAEP 
 
    Outstanding 
     at 30th 
     April, 2022      500,000       -   1,000,000   GBP1.41   1,500,000   GBP0.94 
    Granted in 
     year                   -       -      20,000   GBP3.00      20,000   GBP3.00 
    Exercised in 
     year           (250,000)       -           -         -   (250,000)         - 
   --------------  ----------  ------  ----------  --------  ----------  -------- 
    Outstanding 
     at 30th 
     April, 2023      250,000       -   1,020,000   GBP1.44   1,270,000   GBP1.16 
    Granted in 
     year                   -       -     122,700   GBP7.16     122,700   GBP7.16 
    Exercised in 
     year           (100,000)       -   (220,007)   GBP1.41   (320,007)   GBP0.97 
   --------------  ----------  ------  ----------  --------  ----------  -------- 
    Outstanding 
     at 31st 
     October, 
     2023             150,000       -     922,693   GBP2.21   1,072,693   GBP1.90 
   -------------- 
 
 
   The Group recognised a total charge during the period of GBP19,000 (2022 - GBP15,000) in relation 
   to equity-settled share-based payment transactions. At 31st October, 2023 there were 150,000 
   (2022 - nil) and 113,337 (2022 - nil) share options exercisable in the LTIP and CSOP share 
   option schemes respectively. 
 

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